Kenya's Chase Bank Sold to Mauritian Firm
SBM Holdings, a Mauritian financial services company, has had its bid for Chase Bank accepted by the Central Bank of Kenya. Chase Bank was placed under receivership by the central bank on April 7, 2016, following allegations of mismanagement. This is SBM's second bank acquisition in East Africa.
Chase Bank, Kenya
The bank's automated teller machines, internet and mobile banking platforms are now working normally. Read more »
The Central Bank of Kenya has allowed the financier to resume lending to customers and take fixed deposits after four months of waiting. Read more »
Mohammed Zafrullah Khan is facing allegations of conspiring to defraud Chase Bank of more than U.S.$16 million and failing to comply with the provisions of the Proceeds of Crime ... Read more »
The country's banking regulator has blamed mounting banking sector woes on weak lending policies and management failure. Read more »
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